Italian luxury group Brunello Cucinelli said on Thursday its operating profit rose 39.4 percent last year and it confirmed its expectations for sales growth of around 10 percent in 2024.

The first quarter of 2024 is ending “with particularly pleasing results,” the group’s founder and executive chairman Brunello Cucinelli said in a statement.

“In view of the good order intake for Men’s-Women’s Fall/Winter 2024, we envisage a gracious growth in sales of around 10% for this year, resulting in healthy and balanced profits,” he added.

The brand known for its cashmere clothing posted 2023 earnings before interest and taxes of 187.4 million euros ($204.1 million), broadly in line with analysts’ forecasts based on a consensus provided by LSEG.

Sales rose 23.9 percent last year, preliminary data showed in January, defying a sector slowdown thanks to a focus on the industry’s high end.

The Italian group proposed the distribution of a dividend of 0.91 euros per share.

By Elisa Anzolin, editing by Gianluca Semeraro, Kirsten Donovan

Learn more:

Levi Strauss Sues Italy’s Brunello Cucinelli Over Trademarked Tab

Levi Strauss has sued Brunello Cucinelli, accusing the Italian luxury fashion brand of infringing its trademarked rectangular pocket tab.